According to the latest data from Rightmove, the average asking price for a UK property has seen a 1.3% decline in August.
This drop is a typical seasonal trend as the market enters the quieter summer period, and it suggests that sellers are becoming more realistic and competitive with their pricing strategies.
The average asking price is now at £368,740.
The report also highlights that a significant proportion of properties have had a price reduction, indicating a shift in the balance of power from sellers to buyers in some parts of the market.
While the housing market remains resilient in the face of higher mortgage costs and the cost of living crisis, the August data points to a cooling period.
The fall in asking prices is a welcome development for potential buyers, who have faced a period of high prices and limited inventory.
However, it also presents a challenge for sellers, who must now navigate a more competitive environment.
The data will be closely watched by economists and policymakers, as the health of the housing market is a key indicator of broader economic sentiment.
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